The European

Man is a rational being in pursuit of personal interests - at least that is what classical economics teaches us. But policy-makers are increasingly using our irrational tendencies to nudge us into a certain direction.

“The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design”, F.A. Hayek once wrote. We would be well-served to heed his call and reinvigorate the ideology of the free market.

We tend to think of ourselves as rational actors - yet ultimately, we are very fallible creatures. We need regulation and restraint to overcome our irrational tendencies and to achieve better outcomes for ourselves and the world around us.